{"id":1129563,"date":"2022-06-21T09:24:28","date_gmt":"2022-06-21T09:24:28","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/06\/21\/cadbury-owner-buys-us-energy-bar-maker\/"},"modified":"2022-06-21T09:24:28","modified_gmt":"2022-06-21T09:24:28","slug":"cadbury-owner-buys-us-energy-bar-maker","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/06\/21\/cadbury-owner-buys-us-energy-bar-maker\/","title":{"rendered":"Cadbury owner buys US energy bar maker"},"content":{"rendered":"

<\/p>\n

\n
\n
\"\"
Cadbury buys US energy bar maker \/ Credit: CLIF BAR & COMPANY<\/figcaption><\/figure>\n<\/div>\n

<\/p>\n

The owner of British chocolate brand Cadbury has announced that it is buying US energy bar maker Clif Bar & Company for $2.9bn (\u00a32.4bn).<\/p>\n

Mondelez International \u2013 which also owns Oreo, Toblerone and Milka \u2013 says the deal will help drive its plans to \u201clead the future of snacking\u201d.<\/p>\n

The food and drinks giant also says it will continue to make Clif\u2019s products at its facilities in Idaho and Indiana.<\/p>\n

In March, Mondelez warned over the impact of rising production costs.<\/p>\n

<\/p>\n

In a statement on Monday, the American confectionary maker said the buyout will increase the value of its snack bar business to over $1bn.<\/p>\n

It added that it would continue to operate Clif\u2019s business from Emeryville in California, where the firm is headquartered, once the transaction is completed later this year.<\/p>\n

\u201cWe are thrilled to welcome Clif Bar & Company\u2019s iconic brands and passionate employees into the Mondelez International family,\u201d Mondelez\u2019s chairman and chief executive Dirk Van de Put said.<\/p>\n

\u201cThis transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits and baked snacks, as we continue to scale our high-growth snack bar business,\u201d he added.<\/p>\n

READ MORE:<\/strong><\/p>\n

Clif was founded three decades ago by Gary Erickson, who came up with the idea to create an energy bar during a 175-mile bike ride, according to the company\u2019s website.<\/p>\n

The bar was debuted \u201cafter countless hours in mom\u2019s kitchen\u201d, and named after Mr Erickson\u2019s father and \u201cchildhood hero\u201d Clifford.<\/p>\n

Clif\u2019s chief executive Sally Grimes said Mondelez was \u201cthe right partner at the right time to support Clif in our next chapter of growth\u201d.<\/p>\n

Mondelez \u2013 which has other global brands including Daim, Ritz and Belvita \u2013 reported net revenue of almost $29bn last year.<\/p>\n

However, like many of its rivals it is facing increasing costs and in March said it would\u00a0cut the size of Cadbury Dairy Milk sharing bars\u00a0by 10%.<\/p>\n

It reduced the bars\u2019 size from 200g to 180g, without lowering the price for customers.<\/p>\n

\u201cWe look to absorb costs wherever we can, but in this difficult environment, we\u2019ve had to make the decision to slightly reduce the weight of our medium Cadbury Dairy Milk bars for the first time since 2012,\u201d a Mondelez spokesperson said.<\/p>\n

In April, Swiss food giant Nestle warned that\u00a0it will continue to increase the prices of its products\u00a0because of the rising cost of ingredients.<\/p>\n

The maker of KitKats and Nesquik said it had put up its prices by more than 5% in the first three months of the year.<\/p>\n

As costs rise, Nestle boss Mark Schneider said \u201cfurther pricing and mitigating actions over the course of the year\u201d will be required.<\/p>\n

<\/p>\n